Bitcoin surged past $63,627 early on August 3 but by 09:31 IST had eased to $62,828, a 0.95% drop in the last 24 hours and 3.67% over the week.
Geopolitical friction between the United States and Iran keeps market sentiment wary. Analysts note that Bitcoin finished July with a gain of more than 7.3%, reversing two straight months of losses and signalling a return to resilience.
US spot Bitcoin ETFs attracted $172.4 million in net inflows during July, showing renewed interest. However, selling pressure at the end of July has made investors cautious heading into August, a month that historically sees a median return of –6.99%.
The Coinbase Premium Index has stayed negative for a record 76 consecutive days, reflecting subdued demand for US spot Bitcoin. Despite this, whale wallets bought over 40,100 BTC during the same period.
Akshat Siddhant, Lead Quant Analyst at Mudrex, said Bitcoin needs to reclaim $65,000 to boost sentiment. The 200‑week moving average near $62,800 remains a critical support level.
CoinDCX reports the day’s top gainers: MemeCore (+12.28%), Algorand (+7.38%) and Ethena (+5.03%). On the downside, Pump.fun and Binance Life fell over 6.7% each, followed by Ondo (–5.39%) and Lighter (–4.97%). The crypto fear and greed index sits at 35, indicating a fearful market.
Analysts outline key price levels: resistance lies between $63,350–$63,450 and $63,700–$63,800. A close above $63,800 could open a move towards $64,000–$64,300. A break below $63,000 may expose $62,500–$62,600 and $62,200.
Vikram Subburaj, CEO of Giottus, cautions investors to avoid chasing short‑term gains. He recommends staggered accumulation, limited leverage and disciplined position sizing until Bitcoin clears $64,000 and ETF inflows become more consistent.